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S&P rates Gibson notes BBB-
S&P said it assigned a BBB- rating to Gibson Energy Inc.’s C$650 million senior unsecured medium-term note offering. The transaction is expected to close July 14.
The issuance will consist of C$325 million of 2.45% notes with a term of five years and C$325 million of seven-year 2.85% notes.
Proceeds will be used to fully redeem and repay Gibson’s C$600 million of principal of 5¼% senior unsecured notes due July 15, 2024, to repay short-term debt under the company’s credit facility and for general corporate purposes.
“Given its refinancing nature, the proposed transaction does not have a material impact on the company’s credit metrics, and therefore our BBB- long-term issuer credit rating and stable outlook on Gibson are unchanged at this time,” S&P said in a press release.
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